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Honeywell (NASDAQ:HON) today announced that, in connection with the previously announced spin-off (the "Spin-Off") of Solstice Advanced Materials Inc. ("Solstice") from Honeywell, Solstice has priced a private offering of $1 billion aggregate principal amount of senior notes due 2033 (the "Notes"). The Notes will be issued at par, bear interest at a rate of 5.625% per annum, payable semi-annually in arrears on March 31 and September 30 of each year, beginning on March 31, 2026, and mature on September 30, 2033. The Notes offering is expected to close on or about September 30, 2025, subject to customary closing conditions.
In connection with the Spin-Off, which is expected to be completed in the fourth quarter of 2025, Solstice expects to enter into a senior secured first-lien term B loan facility, a senior secured first-lien revolving credit facility, and one or more uncommitted letter of credit facilities (collectively, the "Senior Credit Facilities"). Solstice intends to use a portion of the gross proceeds of the Notes, together with borrowings under the senior secured first-lien term B loan facility, to make a distribution to Honeywell in connection with the Spin-Off and to pay fees, costs and expenses in connection with the Senior Credit Facilities and the Notes offering. Solstice intends to use the remaining proceeds, after payment of transaction expenses, if any, for general corporate purposes. The proceeds from the Notes offering will be held in escrow until satisfaction of the conditions precedent to the Spin-Off and certain other escrow release conditions. If such conditions are not met by March 31, 2026, the Notes will be redeemed at 100% of principal plus accrued interest.
The Notes will be senior unsecured obligations of Solstice and guaranteed on an unsecured senior basis by each of Solstice's existing and future domestic subsidiaries that guarantees the new senior secured credit facilities.
Posted In: HON
